Stock Market Update: Adani Group Shares Continue Rally, Nifty Hits Resistance Zone

The stock market opened with a gap up for the second consecutive day on Tuesday, with the Nifty starting at 24,367, reflecting a gain of 91 points. Meanwhile, the Sensex opened at 80,529, up by 281 points. For the second day in a row, buyers are showing confidence in the Indian market, contributing to a rebound.

On Tuesday, the Nifty opened at a resistance level. Although it is establishing a base after a long time, there is a significant obstacle for the index in the 24,370-24,400 zone. A break above this zone is necessary for the Nifty to advance towards 24,500.

In terms of individual stocks, shares of the Adani Group are experiencing significant gains today, marking the fifth consecutive session of increases. Adani Ports is among the top gainers in the Nifty 50, rising by 3 percent, while Adani Enterprises has increased by 1.5 percent. Other notable gainers include Shriram Finance, JSW Steel, HDFC Bank, and ONGC. Conversely, ITC, Sun Pharma, Bharti Airtel, Tata Consumer, and Kotak Bank are among the top losers in the Nifty 50.

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Early trading shows strong buying interest in PSU banks, defense stocks, and the metal sector, while selling pressure is evident in the FMCG, IT, and pharma sectors.